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Fast Track Licensing for New Jersey Online Casino Operators

Fast Track Licensing for New Jersey Online Casino Operators

It’s prepared, set, go after the main players in New Jersey’s on-line casino game; major provisional certification has now been granted (Image source: thelicenseplatesite.com)

It is T-minus-two-weeks and counting for brand New Jersey’s big online casino launch, and time to get the show on the road, as they state. With that in mind, more of the key online gaming operators are awarded their Internet licensing, without which nothing moves forward.

Susceptible to Further Approval

Noting that they are ‘transactional waivers’ meaning these companies could yet be exposed to more regulatory nosing around New Jersey’s gaming commissioners granted licensing to PartyPoker’s parent business, Bwin.Party Digital Entertainment, the business formed in 2011 when Bwin then the activities betting firm merged with the major on the web poker site PartyPoker to form the entity that is new. The Bwin that is new is world’s largest publicly traded online gambling business.

Just before 2006, when Congress introduced the Unlawful Internet Gambling Enforcement Act (UIGEA), PartyPoker had been the #1 online cash game poker web site in the usa, a position it held onto for years. The company complied with the strengthened online laws when they were initiated, but was nonetheless later on penalized by having a $105 million ‘fine’ in a non-prosecutorial agreement with the U.S. Department of Justice, while admitting to breaking pre-existing wire fraud statutes that were on the books since 1961.

Along with Bwin, competitor 888 Holdings was also provided the licensing that is conditional. 888 will be working once the online presence for Caesars Entertainment Corp.’s Interactive division, along side Amaya Gaming, which was also given licensing. Also granted the licensing were Ultimate Poker (which is already online in Nevada) and Betfair; all these firms will now have the ability to participate in hawaii’s Nov. 21 soft launch trial prior to the planned Nov. 26 official launch date for the public.

‘Bad Actor’ Kicked Off Stage

Not on the approval list, needless to say, was PokerStars, whose ‘bad star’ status precluded its addition; for the present time, anyway. This latest decision although it could sooner or later be turned around de facto keeps PokerStars out of the legal United states market only at that time; the business cannot be licensed for online poker in Nevada for at least the next five years.

Undeterred, Eric Hollreiser, a PokerStars spokesman, claimed their business’s application ‘remains under review’ and that ‘we remain committed to working with them to complete the procedure.’

Meanwhile, the gambling industry’s main lobbying team, the American Gaming Association, touted the impending brand new Jersey online launch.

‘we are excited to see the launch of Web video gaming in New Jersey,’ said American Gaming Association chief executive Geoff Freeman. ‘New Jersey will send a message that is strong all states.’

Hopefully, that message will be that legal online gambling is a moneymaker that is big states’ coffers; so far in Nevada, the appropriate and regulated online poker launch is tepid, to say the least.

The AGA says on the internet site that millions of Americans now play on thousands of gambling sites that are headquartered offshore; in fact, the group that is lobbying it is as many as 1,700 offshore internet sites that accept bets from American players, and says that market comprises a $4 to $6 billion payday. Freeman says this represents about 1/10th of the worldwide online gaming market of some $33 billion.

Nj will become the 3rd U.S. state with online appropriate gaming; Nevada was first with poker only, and Delaware snuck quietly online on October 31 with a fuller array of casino game offerings. Both those states have actually relatively resident that is small with Nevada at under 3 million and Delaware at under 1 million so analysts are excited to see exactly what New Jersey’s 9 million in residents (plus possibly millions more in weekend visitors) will bring, revenue-wise, to the table.

Possible bills are also being considered in California, Pennsylvania and Massachusetts, though all those states have experienced issues that are major infighting of gambling factions and slow and tedious regulatory issues for even land casinos at this point.

Sportsbook William Hill Pegs Hillary Clinton Fave that is 2-1 for Prez

Bookmaker William Hill likes Hillary Clinton while the odds-on favorite to win the 2016 U.S. elections that are presidential

You can bet on lots more than football or golf at an activities book; many bets that are take all kinds of crazy chances, from who will win an Oscar to Lindsay Lohan’s chances of going to rehab. So why don’t you place your wagers for the next US president?

Who’s Then in Line to the White House Throne?

Yup, it may be three years off yet, but it’s not too early to put your money on the prospect you might think is most likely to succeed Barack Obama’s second and term that is thus last. Prominent bookmaker William Hill may well be more than happy to take your money, and they’ve even set the current chances to help you decide if you wish to go high-risk or out on a limb.

You have to bet large if you want to win large, of course. Take a Londoner who’s already risked $2,400 for a 5-2 bet that previous Secretary of State Hillary Clinton will be taking over the White House in the 2016 elections; William Hill says that so far, that is their wager that is largest, but hey, with 3 years and who knows what kind of news stories yet to come, this competition is still available.

As of now, William Hill has Ms. Clinton a 2-1 favorite, moving up from 5-2 earlier.

‘This bet on Hillary Clinton, together with a run of support for [New Jersey Gov.] Chris Christie, reducing their odds from 20-1 to 10-1, seems to signal the presidential race coming under starter’s orders as far as political punters are worried,’ William Hill spokesman Graham Sharpe said.

Odds Are In

If you would like know where the it’s likely as regarding the start of this week, here’s the recap:

Hillary Clinton (D), 2-1

Sen. Marco Rubio, (R-Fla.), 6-1

Former Florida Gov. Jeb Bush (R), 9-1

NJ Gov. Chris Christie (R), 10-1;

New York Gov. Andrew Cuomo (D), 12-1;

Rep. Paul Ryan, (R-Wis.), 16-1.

So while the Democratic contenders may be fewer, their key and a lot of likely prospect leads the pack. So far. But William Hill notes that at this time, they are actually tied at 10-11 for either one to win; the real long shot would be a possible independent, with a current 100-1 bet against if you tally all the odds of both parties.

Bookie competitor Ladbrokes also has Clinton favored, but at slightly various odds of 9-4; their simply take on Christie is the identical as William Hill’s: 10-1. Another sports guide, Paddy Power, has Clinton at 15-8 and Christie at a slightly better shot that is 9-1.

If you prefer to take super high-risk odds, how about either the always smooth-tempered Alec Baldwin or former ‘Desperate Housewife’ Eva Longoria, who come in at a surprisingly optimistic 300-1 each.

In addition, although William Hill has a healthy presence in Nevada between sports publications, mobile gambling apps and kiosks, don’t you will need to place any of these wagers with them there; it is unlawful for U.S. bookmakers to do so. Although Nevada’s Senate Judiciary Committee did try to push by way of a bill earlier this year that would have opened the doorway for presidential election pari-mutuel wagering, that bill was tossed out by May.

Atlantic City’s Revel Casino Considering ‘Strategic Alternatives’

As Revel Casino in Atlantic City explores its step that is next least they can take comfort once you understand their execs won’t end up in debtors’ prison. (Image source: Bettmann/CORBIS)

When most gamblers think of strategic alternatives, they’re considering whether to improve or call during the poker dining table. But for the Revel Casino Hotel in Atlantic City, that term could possibly signal that the owners that are current deciding precisely how they want to fold their hand.

According to numerous reports, the current Revel owners (a group led by Chatham Asset Management) are pursuing those ‘strategic alternatives’ when it comes to the struggling casino. In the global world of the gaming industry, that phrase rarely means such a thing good, with common results being that a place is being shopped around for sale or that the company is considering filing for Chapter 13 bankruptcy. That stated, the company has tried to make it clear that they have not made any firm choices yet.

Long-Winded Declaration

‘Revel has not made any choice to pursue any specific strategic deal or alternative, and there can be no assurance that the research of strategic alternatives will result in the consummation of any transaction,’ Revel said in a statement. ‘Revel does not plan to comment further regarding its assessment of strategic options until such time as the board has determined the result of the method or otherwise has deemed that disclosure is acceptable.’

They need hired A white that is former house for that one.

While that statement was a long, long, long way of stating that the organization won’t be saying anything any moment soon, Revel hasn’t merely been sitting on its hands. The company also announced that they will be increasing their first-lien credit agreement, essentially doubling their credit line from $75 million to $150 million ( going for a web page from the Caesars Entertainment ‘How to Manage Your Out-of-Control Debt for Dummies’ best-seller, apparently). The initial $75 million credit line has been increased to $100 million, while a principal level of $50 million has been taken out with JPMorgan Chase.

These techniques come just months after Revel went through Chapter 11 bankruptcy court so that you can restructure their debt, which resulted in lenders using a lot more than an 80 % ownership stake in the business. That move permitted the cancellation of $1.2 billion in debt, which gave the casino life that is new.

Poorly Thought-Out Advertising

However the Revel don’t come out of that bankruptcy restructuring all that well, despite the most useful efforts of management. The casino received some bad press if they lost on the machines after they attempted to draw in customers with a ‘can’t lose’ slots promotion that promised gamblers their money back. But players had been disappointed to find out they could use at any time; instead, they were allowed to receive credit on future visits, a few percents at a time, and only by coming on specified weeks after the promotion ended that they wouldn’t receive their losses back in cash or as credit.

Still, promotions like you can signal a shift in the Revel’s strategy. When envisioned as a non-smoking luxury resort for high-end gamblers, you will find signs that the casino is ready to start up its customer base to a broader selection of customers, including those on a budget and, of course, smokers. Merely a day before their statement on the potential use of strategic options, Revel had a notably less prominent press release that stated their low-cost dining alternatives, including a $3.99 breakfast deal.

Thus far this Revel has come in at #8 in terms of gambling winnings of the 12 Atlantic City casinos, having taken in $116.3 million from gamblers huuuge bonus through the first three quarters year. As of now, the company will not be taking part in New Jersey’s online casino launch come 26, either; only they and Atlantic Club which has also filed for bankruptcy and is now up for auction will not be represented online among the city’s 12 land casinos november.

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